Hog futures mixed, cattle futures weak - CME
Traders expect tight supplies until summer
23 March 2022
1 minute read
By: Chicago Mercantile Exchange (CME) hog futures were mixed on Tuesday, with deferred contracts firming on expectations that supplies will remain tight until the summer, traders said.
The front-month hog contract eased on follow-through selling after hitting technical resistance and closing well below its peak on Monday, reported Reuters.
Cattle futures also were weaker, pressured by concerns about high feeding costs due to high prices for corn and wheat.
CME April lean hog futures dipped 0.375 cent to end at 100.25 cents per pound. Most-active June hogs rose 0.25 cent to finish at 120.075 cents per pound. The June contract recovered from early weakness after finding support at its 10-day moving average.
CME's most-active June live cattle dropped 0.65 cent to 135.7 cents per lb. The contract fell below its 20-day moving average.
April feeder cattle dropped 1.125 cents to 161.2 cents per lb, while most-active May feeder cattle eased 0.325 cent to 165.425 cents per lb.
Choice cuts of boxed beef rose by 99 cents to $259.49 per cwt by Tuesday morning, according to US Agriculture Department data. Select cuts gained $1.01 to $253.51 per cwt.
